U.O.O. targets N1 billion turnover in 2021

One of the country’s foremost multi-faceted company, U.O.O. Nigeria Plc, said it plans to increase turnover to about N1 billion in the next two years, and has put in place every necessary measure for its realisation.

In his keynote at the opening of U.O.O’s 3rd Annual Managers’ Conference and launch of a new logo and brand in Owerri, Imo State capital, the Managing Director/Chief Executive Officer, Nze Edozie U. Okafor, revealed that current turnover is slightly over half a billion, and needed to be scaled to enhance efficiency and profitability.

Okafor, who recalled that the company was incorporated in 1958, said the management was happy to launch a logo in line with its new brand, as the current one had lasted for over 60 years.

Expressing confidence in the workers, he urged all hands to be on deck in the new mission to change the fortunes of the group, while regretting that previous financial crisis 2007 -2016, had frustrated its growth and business activities.

According to him, between 2002 and 2003 financial year, the overall turnover recorded by the group was in excess of N1 billion, before heading southward, so much that from 2007 through to 2016, U.O.O suffered losses of over N500 million, even as it continued to pay workers’ salaries promptly.

His words: “Recall that from 2007 to 2016, were characterised with years of trials and crisis. Debt burden from several banks became too difficult to contain and all these mounted a lot of pressure on management, but with staff support, commitment and dedication, the company was able to repay these debt and recover our collaterals from the banks.

“Today, we are doing slightly over half a billion naira turnover. This leaves much to be desired.”

He commended a former Group Chief Operating Officer (now a non-Executive Director), Gabriel Nkanang, for introducing the annual conference in 2010, as this had yielded good fruits, as it is meant to congregate managers at various levels.

This is to enable them address the “challenges, expectations, vision, and objectives of the company; focussing on the areas of comparative advantage of poultry, palm plantation, palm oil production, and real estate.”

He added, “I am of the view that if all hands are on deck, and if we are properly focused, there is no reason why the company cannot do more than a billion naira turnover in the next two years.”

He recalled that U.O.O. grew to having nine divisions, with Real Estate, Agriculture based, textiles among other related products.

In regards to the new logo, Okafor said: “The unique text of the character exudes simplicity, confidence, and yet sophisticated, and solid. This represents the U.O.O brand.”

He added that the logo is centred on broader vision of the 1950s from textile to others, laced with new ideas of reliable service and delivery.

“The red is carved out from the horizon of the earth. The horizon represents limitless opportunities, the possibilities of change, growth and improvement. It indicates the company’s business coverage as global. The unique text of character exudes simplicity, confidence and yet sophisticated and solid. This represents the U. O. O brand.”